Here, a type of poetry has been preserved in which still can be discerned (through a new element that recently joined the edifice of culture) the chaotic volcanism of first emotion.

I think he's right about this. In any case ...]

Bablefish gives us "first seizingness" for "erster Ergriffenheit", which is nicely literal. In a sense "emotion" is "seizingness", i.e., to be more or less "enthralled".

The "chaotic vulcanism of first emotion" is rather Poundian (cf. poems of "first intensity"). I want to use this sentence as the basis of an interpretation of "paideuma". Elsewhere, Frobenius talks about "the ability to be enthralled [ergriffen zu werden, i.e., to be moved emotionally] by the essence of the appearances" (§7, p. 25). Kulchural studies (the methodical pursuit of paideumatic awareness, let us say) is based on this ability.

This form of study would naturally receive much of its insight from poetry, our source of "the best data for determining what sort of creature man is" (Pound, "The Serious Artist", LE, p. 46).